We first made the decision to put TopOption through its paces a couple of years ago and, if we’re perfectly honest, we weren’t particularly impressed. Quite to the contrary in fact, what we discovered was a broker providing customers with relatively limited features, a platform that didn’t perform particularly well and an overall experience that left us enormously underwhelmed. In the vast majority of instances, this is the kind of experience that leads us to walk away and never look back.
However, we recently picked up on grapevine chatter which suggested that TopOption was in the process of reinventing itself. We took our time, kept our ears to the ground and eventually decided that the moment was right to once again put TopOption to the test. Rumour had it that the latest iteration of TopOption had absolutely nothing in common with the previous experience – all entirely to its benefit. Things had supposedly been taken in a more ‘social’ direction and all the things that had underwhelmed us before were supposedly addressed.
The question being – was it all too good to be true?
An All-New TopOption?
As it stands right now, TopOption is luring traders at all levels its way with promises of payouts as high as 85% and an entirely new social approach to binary options trading. What we can definitely say with even just a single glance at the platform is that it really does in no way resemble the TopOption we encountered before, so for this reason alone things get off to a good start.
If you’re wondering what exactly the whole ‘social’ element with TopOption is all about, it’s essentially a new and extremely popular approach to trading where the trading community works as something of a united group. In the simplest terms, those who take part in social trading are provided with the opportunity to monitor, track and should they wish to do so, copy the trading activities of their fellow traders. What this basically means is that if it is pretty apparent that one or more traders seem to be unable to lose, you are given the opportunity to copy them. TopOption is currently focusing on this social approach to trading above and beyond all others, dedicating much of the site to promoting the benefits of pooling knowledge and resources to achieve better results.
Trading Types and Expiry Times
As for the platform as a whole, there’s very little about the TopOption experience that isn’t impressively solid. They offer an extensive range of trading instruments, listed as “ProOption”, “ClassicOption”,” SpeedMaster”, “OneTouch” and “Touch/NoTouch”. All of which means that the trading preferences of those out for a simple trading experience are covered, just as advanced traders looking to take full control over their trades from the ground up will be happy with what’s on offer. There are a couple of additional features on offer which we also found to be excellent. Rollover, for example, gives you the opportunity of extending expiry times should it be in your interests to do so, while Buy Me Out provides traders with the opportunity to sell their trades back to TopOption for a lower price, if it becomes obvious that to continue would be to lose everything invested.
There’s an extensive range of tradable assets available totalling around 180, which includes a variety of key stocks, currencies, indices and commodities. They also claim to be comprehensively open to suggestions and requests, meaning that if you cannot find the assets you’re looking for, they may be able to help you out if you get in touch.
It has to be said when it comes to making binary options trading as quick and easy as possible, TopOption has overtaken quite a few front runners. From the signup process to the user-interface to what could possibly be the fastest withdrawals of any binary options broker, they’ve really gone to town to make things as efficient and user-friendly as possible.
It’s also worth pointing out at this stage that the TopOption customer service team appears to have been overhauled to the same extent as the platform itself. What was previously relatively mediocre customer service provision is now extremely impressive and consummately professional customer support of the highest order. The fact that the customer support team also works in multiple languages represents an added bonus
Customer Accounts and Demos
For those out to practice using a demo account, the good news is that the TopOption demo account is fully featured and superb. Unfortunately, the bad news is that just like you might expect elsewhere, you cannot access the demo account unless you first deposit a minimum of $200 into your account. But what makes things even worse is the way in which for some bizarre reason, TopOption only allows customers to use the demo account facility for a maximum of three days. Which simply is not long enough – especially for those who are still getting to grips with how it all works.
So you have little choice but to sign up for a real money account, which are available as Starter, Pro and VIP accounts. One thing we couldn’t help noticing through our own experience and that of other traders is the way in which there is a very big difference between the level of advice and expertise provided to low-level accounts holders and those who deposit say $10,000 or more. You can certainly expect a decent experience, but don’t expect premium customer service and advice if you start out with less-than $1,000 in your account.
Bonuses and Learning Tools
The bonus system at TopOption is relatively straightforward, but at the same time is to be approached with due caution. At the time of our review, those starting out with deposits of $200 or more were offered a 50% welcome bonus, while a deposit of $500 or more would qualify you for a 100% bonus. Which is all well and good, bar from the fact that TopOption insists on attaching a whopping 40X minimum trading volume to all such bonuses. Which when you do the math makes it clear that to accept a bonus is to put yourself in a very difficult position – especially given the 60-day limit also imposed.
On the plus side, you can always skip the bonus offer and still gain access to some of the most outstanding educational tools and learning resources available from any binary options broker. According to TopOption, the current list of freebies for the benefit of new and existing customers alike includes:
- Five new and exclusive e-books
- Personal 1-on-1 training
- Library of video of tutorials
- Ongoing giveaways
- Online Economic calendar
- The latest breaking business news
- Exclusive market analysis
On top of all this, the mobile app that’s available for both iOS and Android is great, so be sure to check that out too.
TopOption delivers a breath of fresh air in many ways and has more than a few strings to its bow. Along with providing traders with an innovative new approach to trading in general, the team delivers superb market analysis and regular updates, there are plenty of trading instruments available to suit most preferences, everything about the experience is incredibly streamlined and the customer support team has come a way.
As tends to be the case with so many binary options brokers these days, the biggest complaints going the way of TopOption relate to demo accounts and bonus offers. Quite simply, demo accounts you have to pay to use and bonuses diluted by ridiculous terms and conditions really have no place in the industry these days.
One thing we can absolutely say for sure is that any notion of TopOption being entirely reinvented from the ground up has proved to be absolutely true. If not, something of an understatement. We genuinely cannot believe the difference between the TopOption of today and the broker we visited a couple of years ago. Social trading is becoming more and more popular with traders at all levels, giving everyone the opportunity to monitor and mimic the actions of the very best in the business. And for the time being at least, TopOption certainly seems to have put together one of the very best packages of all for those looking to try out social trading for themselves.